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The best bank accounts designed especially for kids

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Suncorp’s Daily Options – Students (ages 11 and up) cleans kids up to 0.95 percent, as long as they deposit at least $ 20 and make no more than one withdrawal per month. I like that the base rate – for when the bonus conditions aren’t met – is higher with this one: 0.55%, compared to 0.5% with the CBA.

Topping the list, however, is MyState Bank’s Glide account with a total interest rate of 1.2 percent. Again, the base rate is low at 0.1 percent.

The problem is that the bonus terms are a bit more complex for a child to follow: there must be a deposit of $ 20 per month, but five qualifying Visa debit transactions must also be made and settled on your Glide or Basic account. bound.

The account can be opened either by a parent or guardian on behalf of a minor (under 18) or opened by the minor himself, where a parent / guardian must manage the account unless the minor does. authorizes to do so.

What about accounts that are referred to as higher paying savings accounts?

Canstar says the three most generous are Great Southern Bank, Illarawarra Credit Union and Gateway Bank.

Great Southern’s Youth eSaver pays 2.5 percent to those 17 and under on balances up to $ 5,000. The same age limit applies to Illawarra’s Wildlife Saver, but the rate is 1.7% and is conditional not only on the deposit of $ 10 and no withdrawals made in a month, but also on the balance below 3,000. $.

With no conditions or balance limits, Gateway Bank’s Kids Dollaroo Savings will pay 1.5% to account holders aged 15 or under, moving ahead of The Capricornian’s Youth Access Account, which will do the same, but only on balances of up to $ 5,000.

Whatever decision you make Danielle, it will be up to you to get the message across that once your children reach the age of expiration of account grants, it will be time for them to audition new institutions to continue their journey. savings.

  • The advice given in this article is general in nature and is not intended to influence readers’ decisions regarding investments or financial products. They should always seek their own professional advice that takes their personal circumstances into account before making any financial decisions.


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